Crude Oil Movement
On Friday, Crude Oil prices advanced 0.20% against the USD for the 24 hour period ending 23:00GMT, closing at 93.11.
The American Petroleum Institute (API), in its monthly report, stated that the overall petroleum demand from the US continued to decline in August amid weak hiring and poor economic growth.
Over the weekend, a senior Iranian legislator stated that Iran’s crude oil sales had dropped in July due to Western sanctions. However, he added that the sales are likely to have bounced back in August.
In the Asian session, at GMT0300, Crude Oil is trading at 92.03, 1.16% lower from Friday’s close, as concerns that European debt-crisis talks would falter and threaten the economic recovery overshadowed concerns that Middle East would disrupt crude supplies.
Crude oil is expected to find support at 91.26, and a fall through could take it to the next support level of 90.49. Crude oil is expected to find its first resistance at 93.32, and a rise through could take it to the next resistance level of 94.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
